Canopy Growth signed the paperwork to acquire another American hemp producer, as part of their US expansion strategy.
Canadian cannabis producer Canopy Growth just went through with another acquisition, this time on the US market. The cannabis giant acquired AgriNextUSA, a Pennsylvania-based hemp company led by CEO Geoff Whaling.
This isn’t the first time Canopy Growth invested in US-based hemp producers, as just a few months ago they also acquired ebbu and Green Hemp Industries.
Canopy Growth received a big investment from it’s partner Constellation brands, which infused them with over $4 billion USD last summer.
Canopy Growth will be adequately positioned to create havoc not only on the US hemp market, but all around the world, as hemp is still very much legal almost everywhere.
First, they acquired Green Hemp Industries in early 2018, as an initial investment which was meant to provide an entry into the hemp sector.
Canopy later raised a lot of dust by acquiring the Colorado-based hemp research leader ebbu. It turned out that this was a well-thought-out move, as the US quickly legalized hemp on the federal level.
Canopy Growth also has another subsidiary called the Groupe H.E.M.P.CA, which grows, processes, markets, and distributes hemp health products worldwide.
Aside from those two, Canopy will also build a facility in upstate New York which will house most of their US operations. The facility is said to cost around $100 million USD, although Canopy said they might invest up to $150 million.
Just weeks ago, Canopy also announced a major partnership with Martha Stewart, as they will work together on a project focused on CBD products for pets.
With the addition of AgriNextUSA, Canopy should be in a very good position to strongly impact the US market which is now booming due to passing of the Farm Bill.
As of now, Canopy Growth doesn’t have any major hemp production facilities in Europe, other than the Spectrum Denmark facility. However, Canopy will most likely be quick to compensate that in the future.
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